According to the Wall Street Journal, Donald Trump has agreed to sell his renowned Washington, DC, hotel to an independent business that would remove the Trump name and turn the property over to the Hilton group for administration.

The Journal said that the hotel is being sold for $375 million to Miami-based investment group CGI Merchant Group, citing unidentified persons familiar with the transaction.

According to reports, CGI aims to have the facility managed by Hilton Worldwide Holdings Inc's Waldorf Astoria division.

The Trump Organization obtained the lease rights to the building, which is federally owned, in 2012, but the Trump International Hotel became a political and financial fiasco for the prospective president.

For a time, the hotel was a hotspot for Republican lawmakers, lobbyists, and other executives looking to gain access to Trump's inner circle or gain the ear of top officials.

Ethics experts chastised the hotel for raking in millions from foreign governments sending their people there, while the hotel reportedly lost $70 million between 2016 and 2020. However, the Trump Organization rejects these figures.

The House Committee on Oversight and Reform is investigating the Trump Organization's lease on the federally owned building.

The Trumps won the property over top hoteliers Marriott and Hilton, offering to spend $200 million restoring the old post office.

According to the Trump Organization, the Trump International Hotel made $150 million in income during Mr. Trump's presidency.

In 2017, a group of ethics experts sued Donald Trump over his continued ownership of the property, alleging that he violated the US Constitution's prohibition on profiting from official positions and describing it as "four years of... pervasive corruption." Democratic legislators and the District of Columbia and Maryland attorney general file identical lawsuits against Mr. Trump. The case reached the United States Supreme Court, which dismissed it.